Notes to the financial results of
Rabobank Group
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
The net profit was EUR 2,214 million.
The net profit of Rabobank Group increased by 20% in 2015 to
EUR 2,214 (1,842) million. The decrease in the loan impairment
charges by EUR 1,600 million to EUR 1,033 (2,633) contributed
significantly to the increased result. The increase in the net
profit was restricted by the goodwill impairment for RNA in the
amount of EUR 604 million.The EUR 172 million contribution
to the resolution fund was also taken out of the result.
Furthermore, the resolution levy of EUR 321 million was also
charged to the result in 2014 because of the nationalisation of
SNS Reaal. Unlike the resolution levy, the contribution to the
national resolution fund is not a one-off payment.
A sum of EUR 880 million from the net profit was added to
Rabobank Group capital. Tax amounted to EUR 655 (-161)
million, whereby the effective tax burden amounted
to 23% (-10%).The low tax burden in 2014 was due to
deferred tax assets as a result of past losses incurred at ACC
Loan Management.
Income up 1%
Net interest income
The total income of Rabobank Group increased by 1 in 2015
to EUR 13,014 (12,889) million. Net interest income was stable
at EUR 9,139 (9,118) million. Net interest income at the local
Rabobanks decreased because of the contracting loan portfolio
and reduced margins on new mortgages. The margin decreased
on new mortgages, especially in the second half of 2015.
Net interest income at Wholesale, Rural Retail decreased
in 2015 because there was no longer a contribution from
Bank BGZ.The margin in Wholesale, Rural Retail was also
under pressure. Net interest income at DLL increased because
of growth in the lease portfolio and an improved interest
margin. Net interest income from the real estate segment was
influenced by improved margins on new loans and extensions.
Net fee and commission income
Commission profit increased by 1 to EUR 1,892 (1,879) Net fee
and commission income increased by 1%to EUR 1,892 (1,879)
million. Payments fees increased at the local Rabobanks. Net fee
and commission income also increased at DLL as a result of
growth in the loan portfolio. The rise was tempered by the fall in
net fee and commission income from Wholesale, Rural Retail
as a result of the sale of Bank BGZ in 2014.
Other income
The other income increased by 5% to EUR 1,983 (1,892) million.
Other income was positively influenced, to a total amount of
EUR 276 (2) million, by the results on the fair value of issued
debt instruments (structured notes) and hedge accounting.
The results from our share in Achmea also improved.
In 2015, the sale of our 9% interest in URCB (China) positively
contributed to other income, as did the phasing out of illiquid
assets and the sale of Bank BGZ in 2014.
Number of internal and external employees
in FTEs
65,709 1,507
5,289
526
6,091
437
51,859
2,909
9,000
50
40,000
1
1
Bank
Rabobank
Vision 2016
Other
31-12
Vision 2016
Performance
Other
31-12
BGZ
Indonesia
MARS
2015
MARS
Now
2018
24 Rabobank Annual Report 2015
